NANS Rejects Calls For Removal Of NAICOM Leadership, Backs Insurance Reforms
By Sunday Etuka
Nigerian students will not be recruited into campaigns to discredit the National Insurance Commission (NAICOM) or frustrate the recapitalisation of the insurance industry, the National Association of Nigerian Students (NANS) has said.
In a statement issued on Wednesday and signed by its President, Comrade Akinteye Babatunde Afeez, the association declared its support for the ongoing transformation of the sector.
It said it speaks for more than 40.1 million students in universities, polytechnics and colleges of education.
NANS said it was disturbed by what it called campaigns by certain individuals and groups to undermine the regulator and the recapitalisation exercise.
It described such moves as deliberate attempts to derail progress and ultimately frustrate the reform agenda of President Bola Ahmed Tinubu.
The association particularly faulted calls for the removal of NAICOM’s leadership, describing them as neither constructive nor patriotic. It urged Nigerians to be vigilant and to reject misinformation and sensational allegations.
According to NANS, it independently reviewed publicly available information on NAICOM’s operations, reforms and achievements and found no credible basis for the allegations being promoted.
It said the evidence points to a regulator implementing statutory reforms in line with its mandate.
“Nigerian students are not instruments for advancing narrow interests against national development,” the association said, adding that it stands on the side of truth, transparency, reform and progress.
NANS commended the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for reforms it said are restoring confidence, improving consumer protection and strengthening industry capacity.
It also praised President Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 on July 31, 2025, which it said modernised the regulatory framework and replaced obsolete provisions.
The association said the law opens new opportunities for financial inclusion, entrepreneurship and employment for young Nigerians.
On recapitalisation, NANS said insufficient capital had for decades limited the capacity of many operators to meet market demands and support large scale economic activity.
It called the exercise a strategic intervention to strengthen insurers and ensure prompt settlement of legitimate claims, and commended companies that met the new capital requirements. It described the exercise as a critical pillar of Nigeria’s journey to a $1 trillion economy.
The students also thanked NAICOM for supporting tertiary education through the Insurance Education Fund and related interventions, which it said have helped develop ICT centres, laboratories and other academic facilities in institutions nationwide.
NANS applauded NAICOM’s firm stance on prompt claims settlement and its “zero tolerance approach” to non-payment of genuine claims.
It also welcomed the creation of the Insurance Policyholders Protection Fund (IPPF) under the NIIRA 2025, saying it will ensure ordinary Nigerians, including students and vulnerable consumers, do not lose their legitimate entitlements due to circumstances beyond their control.
It urged NAICOM to step up public awareness so that Nigerians understand the protections available to them.
The association pledged to: Mobilise students in support of insurance awareness and financial literacy initiatives, Promote insurance as a viable career pathway for graduates and young professionals, Encourage student participation in youth focused insurance development programmes, Advocate the protection and expansion of initiatives that support education and youth empowerment, and Support reforms that strengthen consumer protection, transparency, accountability and institutional excellence.
NANS called on President Tinubu, the Federal Government, the National Assembly, industry stakeholders and the media to keep backing the reform agenda, which it described as a national economic imperative capable of unlocking investment, creating jobs and enhancing financial security.
“A strong insurance sector is a foundation for a strong economy,” the association said, urging Nigerians to reject divisive narratives and stand behind initiatives that advance the national interest.
The NIIRA 2025 overhauled the legal framework governing insurance in Nigeria and, among other provisions, raised the minimum capital requirements for operators, which prompted the industry wide recapitalisation exercise now being implemented by NAICOM.
The exercise has drawn both commendation and criticism from stakeholders, with some operators and groups raising concerns about its timelines and requirements.
